Is DJIA Headed to 31,000? AAPL Could Tell Us Soon

IMG Auteur
 
 
Published : October 29th, 2019
245 words - Reading time : less than a minute
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Opinions and Analysis

To repeat: AAPL is the only stock we need follow closely to know whether a major top looms for the bull market. The logic is simple: Because Apple is the most valuable company in the world, its shares top institutional investors’ must-own list. Furthermore, as long as those who make their living throwing Other People’s Money at a dozen or so stocks continue to throw the lion’s share of it at AAPL, the bull market is all but certain to continue.  It is not so much a case of AAPL dragging the broad averages higher as dragging the institutional sheeples’ brains into thin air.

So what are we to infer from the chart show in the inset?  Very simply this: If the stock were to blow past the pink line, a secondary Hidden Pivot’ at248.48, it would strongly imply more upside to at least283.97, the pattern’s ‘D’ target. That’s 14% above these levels, which would mean 30,951 (or so) for the Dow Industrials.  If this were to occur between now and early next year, it would be a fitting blowoff for the biggest U.S. bull market of them all. Keep in mind that your editor can think of a dozen good reasons why the Dow should be selling for half its current price. Better that you should get bullish advice from a permabear who can read charts than from some buy-side fanatic who believes current price earnings multiples alone justify significantly higher prices.

https://www.rickackerman.com/


|
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Rick Ackerman is the editor of Rick’s Picks, a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.